Thinking of taking out a fast short-term cash loan this month? In this article we’re looking at 4 things you should never do when you receive one of these handy finance solutions. Whether you need it for a housing emergency or any other urgent situation, have a look through these pointers to make sure you’re getting this loan the right way. We’ll begin with:
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Buying something fun with the loan
This can be very tempting, but it’s not really what these loans are made for. When you apply for a fast payout cash loan, you’ll need to prove your income level. You can do this by showing your most recent payslips and bank account statements. It’s never a good idea to lie about the amount of money you earn, nor is it a good idea to give false information regarding your intentions with the funds.
It’s best to be honest so that payday loan companies like us can properly assess your situation and make sure you are in a suitable financial position to take on the arrangement. If you tell us you’re looking to buy a new boat for weekends, we’ll explain in more detail why that’s not a good enough reason to apply. Fast payday loans are designed to get you very quick cash when you need it most. Need the money to fix all the locks in the house after a break in? Then that’s certainly something we can help with!
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Using the money for an investment
This is another no-no. A lot of people rave about using fast loans to buy market shares and to pull off quick deals of this nature. Nobody should be doing this for quite obvious reasons. Investments are pretty much the same as gambling. There’s always a real risk (usually a very likely one) that comes from gambling or investing, even if you have a wealth of sources telling you it’s a sure thing.
You wouldn’t take out a loan to place a bet on a horse race would you? So why take the same risk with the stock market or any other quick money making scheme. It’s not worth the trouble you can land yourself in if things go wrong, so this is always a huge mistake. Heard others pull it off? Good for them. It certainly doesn’t mean it will end exactly as planned for you.
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Using the loan to pay off other fast loans
As soon as you run into trouble in paying back a payday loan provider, the first thing you should be doing is contacting them directly to explain your situation. At Quickle, we do everything we can to show as much understanding as possible, and will work with you to find a feasible solution. We don’t operate like the banks, we’re on your side to try and bring a resolution to the account as swiftly as possible.
Taking out a new loan to pay for a previous one is very bad news. You could run yourself into a greater pool of debt than you ever wanted to experience. When you get into trouble, communication is key. Let us know, and we’ll be able to help as much as we can.
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Taking the loan knowing you’ll struggle to pay it back
This is one of the most serious mistakes you can make when looking for a fast cash loan. People are spending money in a wider variety of ways than ever before. Have a decent income but know you have a bunch of responsibilities to keep on top of every month? Then you need to be very careful about the amount you apply for and only take a loan if you are 100% sure it is within your affordability to pay back what you owe.
When you apply, we do all we can to try and prevent people taking loans that are outside their affordability, but some still tend to try to take more than they need. Always aim to apply only for what you absolutely need. Could you survive with less than the amount you have in mind? If your answer is “yes”, then it’s best to go for a smaller amount.
4 Things You Should Never Do With A Fast Cash Loan Click To TweetThat’s it! We hope this quick list of pointers has helped you feel more confidence in applying for your fast cash loan.
You can read more about fast cash loans in our previous blog post: Facts About Fast Loans
For more information, please don’t hesitate to contact us.
